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Illinois residents who received unemployment benefits in 2020 and filed their income taxes before March 15 can expect refunds from the Illinois Department of Revenue as a result of a recently enacted federal tax exemption, Gov. J.B. Pritzker announced Wednesday.Who pays for unemployment benefits in Illinois?
Employers who are subject to the Illinois Unemployment Insurance Act supply the funds IDES uses to pay benefits to the unemployed.What is the Illinois Earned Income Credit (EIC) increase?
Illinois tax filers who claim the Illinois Earned Income Credit (EIC) may also be eligible for an additional refund due to the newly enacted federal unemployment compensation tax exemption. IDOR estimates any additional refunds because of an increase to EIC will be issued late in 2021 once federal Earned Income Tax Credit data is provided to theDo I need to take additional action to claim Illinois tax benefits?
Illinois revenue department Director David Harris said in a statement additional action is not required for most eligible tax filers, but he encouraged all eligible residents to review their return “to determine if additional action is necessary to claim this valuable tax benefit.”